Record DApps fees on Solana: The return of the memecoin craze

Record DApps fees on Solana: The return of the memecoin craze

In recent days, the Solana platform has experienced a real boom. Five of the ten cryptographic protocols that generated the highest fee income belonged to this innovative blockchain network. This trend comes amid a resurgence in the popularity of memecoins, which have attracted a lot of investor interest.

On November 17, it was revealed that decentralized applications (DApps) on Solana have seen record revenues, which was confirmed by a comment from decentralized finance expert (DeFi), Patrick Scott on Platform X. According to DefiLlama's data, the majority of the ten highest-fee paying protocols in the last 24 hours were from the Solana platform.

The automated market maker Raydium boasted the most notable success, achieving record fees of $11.3 million. Third place went to liquid betting protocol Jito with fees collected of $9.87 million. Other highlights include memecoin launchpad pump.fun, which generated $1.65 million, and trading bot Photon, which earned $2.36 million in fees.

Behind this explosive growth in revenue is not only the swirl of speculation around memecoins, but also the exchange activity associated with the native Solana token. The latter has risen to a price of $242 in the last week - the most since November 2021. An interesting case in point is the memecoin Peanut (PNUT), whose price has risen by more than 2,700% in the last 14 days to reach a market value of $2.4 billion, with Elon Musk also supporting its popularity.

Another boost to interest in memecoins was the listing of the popular memecoin Dogwifhat (WIF) on Coinbase, which led to its price jumping to $4.19. This traffic, coupled with the preparation of a new government agency, additionally brought a thematic connection to the Dogecoin token (DOGE), which saw a significant increase in value.

Despite the increase in token supply, Solana continues to maintain a strong market position. The platform's current market capitalization stands at $112 billion, an increase of 44% compared to its all-time high on November 6, 2021. This growth is also supported by Solana rewarding its stakers with newly minted SOL tokens.

Solana is currently trading at $240, which is just shy of its all-time highs. In this context, it's interesting to note that the cryptocurrency's inflation rate is falling at 15% per year, so it seems that Solana still has a bright future ahead of it. With the growing interest in memecoins and decentralized applications, it is clear that this platform is coming to the forefront of the crypto world as one of the major players.

*This is not an investment advisory.

Coingarage team